Be careful valuing your property

20 July 2015 03:00 AM

What with all the brouhaha over Irish Water, it seems the Property Tax hasn't had a look in lately, so I thought I'd bring you up to date with that other dreaded charge. Next year is the next valu- ation date for properties, but a lot has changed since 2013 when it was introduced.

Some €305m has been collected this year - a 96pc compliance rate, which must make Irish Water weep. The fact that Revenue wields a much bigger stick has something to do with that.

Nearly 63,000 payments were taken by mandatory deduction from wages/social welfare, while 1,000 people have been issued with sheriff's summonses for non-payment. House valuations for the next round of taxes will have risen considerably, so people can expect to pay more from next year.

However, the four Dublin local authorities have each reduced the tax by 15pc, so that will offset it somewhat.

But Minister for Finance Michael Noonan (left), mindful of a backlash in an election year, has ordered a report into the effect that "price developments" will have on the tax. Its author, Dr Thornhill, will report in a few weeks' time.

It is up to individuals to value their property early next year by checking the Property Price Register for similar sale prices or asking local estate agents.

Revenue has challenged 8,200 valu- ations so far. You have been warned.